Man gets go-ahead to acquire GLG

MAN GROUP shareholders have given its recommended takeover of GLG Partners the green light, and the firm yesterday appointed GLG’s Emmanuel Roman as chief operating officer for the enlarged group.

Over 90 per cent of Man investors yesterday voted in support of the $1.6bn (£1.03bn) buyout of New York-based GLG during the firm’s annual general meeting (AGM), with just 8.66 per cent opposed to the deal.

The tie-up now needs approval from GLG shareholders, the Financial Services Authority and the US Securities and Exchange Commission.

Man said it appointed Roman to the newly created top post to help integrate the two companies.

Roman, who prior to GLG worked at Goldman Sachs, will be part of the three-person management team that will report to Man chief executive Peter Clarke once the firms tie-up. GLG’s Pierre Lagrange and Noam Gottesman will also report to Clarke.

“The combination of Man and GLG will bring together a wealth of talent with comprehensive investor solutions and a strong performance focus,” said Clarke.